Posted On: 2020-03-12
LED Luminaires acquired the largest revenue share in the overall LED Lighting market in Thailand- 6Wresearch
Government initiatives to promote energy efficient lighting technology such as the project to replace streetlights with LEDs by ‘Provincial Electricity Authority’ to reduce energy consumption by about 70% are expected to augment the market for LED in Thailand over the coming years. Additionally, infrastructural development such as the establishment of True Digital Park as a part of ‘Thailand 4.0’, the new economic model in Thailand, are further likely to drive the commercial demand for LED Lighting in the country.
According to 6Wresearch, Thailand LED Lighting Market size is projected to grow at a CAGR of 22.9% during 2020-26. The adoption of LEDs is expected to contribute significantly to Thailand’s 20-year Energy Efficiency Plan to decrease energy consumption by 30% by 2036. Low prices, longer durability and better efficiency are motivating consumers to switch from traditional alternatives such as CFLs to greener options including LED and Solar Lamps.
According to Gurbani, Senior Research Analyst, 6Wresearch, “Outdoor applications of LEDs are anticipated to gain traction during the forecast period on account of the development of smart cities and government measures to replace street lights with LED Lamps. The market for LEDs is also likely to be burgeoned by smart lighting solutions which facilitate functions such as timer setting and motion detecting across the commercial and residential spaces”
“The Central region of Thailand is likely to hold the largest market share in terms of revenueon the back of several ongoing commercial, retail and hospitality projects in the region such as EmSphere mall and Dusit D2 Chaengwattana hotel in Bangkok and others. ”, Gurbani further added.
According to Sanya Sethi, Research Associate, 6Wresearch, “Increasing awareness among consumers and market players regarding the benefits of LEDs and latest development in the industry are also expected to push the demand during the forecast period. Exhibitions including LED Expo in Thailand, which is the largest exhibition in ASEAN where companies across the world display their products, are organized by government bodies such as Electricity Generating Authority of Thailand to encourage energy efficient lighting in Thailand.”
“Thailand LED Lighting Market (2020-2026)" report provides an in-depth analysis with 34 figures, covered in 89 pages. The report estimates and forecast the overall Thailand LED lighting market by types, by applications, end users and regions including Northern, Southern, North-Eastern and Central regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.